19th Jun 2019 13:39
(Alliance News) - Pension and wealth manager Mattioli Woods PLC said Wednesday it has cancelled its option to acquire the remaining 51% of Amati Global Investors Ltd it does not already own.
In early 2017, Mattioli agreed to buy 49% of Amati Global Investors for GBP3.3 million from Amati Global Partners LLP. It had the option to buy the other 51% of the fund manager in a two-year period starting in February this year.
However, Mattioli and Amati have agreed to cancel that option, in return for Mattioli receiving GBP750,000.
"Amati is an excellent fund manager that is growing well and sustainably in difficult markets. Given the success of the current arrangement over the last two years, I believe the group retaining our 49% interest in the joint venture offers the optimal structure for all its stakeholders," said Ian Mattioli, chief executive of Mattioli Woods.
Mattioli continued: "Since Mattioli Woods' initial investment, Amati has performed strongly in challenging markets. During this period, it has seen funds under management grow from GBP120 million to around GBP430 million."
Amati Founder & CEO Paul Jourdan said: "This completes an important strategic move for the business, which we believe will provide a strong underpinning for future growth. The agreement in February arose from detailed discussions over many months, and we were highly appreciative of the way in which Mattioli Woods entered into a spirit of partnership with us having recognised the merits of the current ownership structure."
Amati Global Investors manage the Amati VCT PLC and Amati AIM VCT PLC funds listed in London, which focus on UK small and mid-sized companies in London's Main Market and junior market.
Related Shares:
MTW.LAmati Aim Vct